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the markets are in a bubble right now, and that the economy is recovering. >> we still have a lot of work to do. but there doesn't seem to be any push to create a crisis over the debt limit or over shutting down the government. i think that's helpful. we've had economic data come out for quite a while now showing that we have a resilient economy that is growing. >> retail sales were growing. they came in better than expected for the month of february, rising 1.1%, the best numbers since september. analysts were concerned about the impact of gasoline prices and the increase in the payroll tax for us, but consumers are still spending money. important because that makes up about 70% of america's economic growth. and if you're looking for something new to buy, samsung will be happy to oblige. introducing its new galaxy 4 smartphone this week. the phone features a five-inch screen, a larger battery and a screen you don't have to touch, but just hover your fingers over. samsung is apple's main competition in the smartphone market. >>> well, the markets setting new records almost every day, and
: the pope, the economy, the smart phone and a tour of rome when we continue. captioning sponsored by rose communications from our studios in new york city, this is charlie rose. >> rose: we begin this evening with continued analysis of the historic events in rome. all eyes on the vatican. on wednesday evening, jorge berguliglo many saw him as a surprise choice. he's the first jesuit. pope francis is known for humanity and long time service to the poor. he inherits a troubled church much reconciled tradition with a modernizing world. joining me now in rome and new york, monsignor lorenzo al katie and frank bruni and on the phone from rome daniel wakin to talk about what has happened since the selection of the new pope -- why this pope. >> two main reasons. one is significant cardinals really did want to go in a different direction. i think they wanted someone that into of could interject a hint of humanity and solidarity with the poor. a tough administrator. and the other part which is hard to figure out is due to the internal policies of the conclave and the jockeying of different groups
jack lew weighs in on the markets and the american economy. his interview just ahead. >>> and the tsa under fire. the growing backlash over knives on planes. what every traveler needs to know. good evening, everyone, and welcome to our public television viewers. suzy, the market beat goes on and on. >> it's like the energizer bunny. it just keeps going and going. the dow marches on higher for the tenth day in a row, the first time since 1997 -- 1996. it ended at 14,539. the nasdaq added 14 and the broader s&p 500 gained almost 9 points, and it's now just 2 points away from its own record high close. >>> there is some concern that the rise in the markets may have been too high too fast. and this could be the start of a market bubble. butewly installed treasury secretary jack lew tells steve liesman not so. >> the analysis i've seen doesn't give me reason to be worried right now. >> we'll have more of steve's interview with the treasury secretary in just a few minutes. >>> as the dow hits unprecedenteded heights and the s&p 500 nears its own peak tantalizingly close to it, there's a bat
tryg to time thearke gyrations. >> overall you think the stronger than expected economy is what is going to power the market to higher levels, to that 1700 that you see in the s&p 500. but which specific sectors of the market do you think will lead the way? >> well, i like most of the cyclicals better than the defensive stocks, tyler. i think as the market keeps going higher, more and more people are underallocated to economic sensitivity. so i really like the manufacturing stocks, the industrials, and the basic materials. i think the financial stocks ve done well and wil coinue to dwe. an i would look at trying to put a little bit into technology stocks that have been really bad for the last year. i think i'm seeing confidence in ceos rise and capital spending going up, and i think that sector could come to life yet in the second half of this year. >> jim, as you know, federal reserve policymakers are meeting on tuesday. do you -- nobody is really expecting any significant change in policy. but do you expect any change in tone and conversation? and how might that impact investo
revenue. you will get less tax renue when the economy is smaller. this is something that the market understands. they want to see the economy grow. less in the future is better for the economy and markets. neil: that would mean no that if we are continuing on this trend, everything that the markets are celebrating right now, slobby sequestration, whenever you want to call it could be short-lived and there could be problems. what do you see happening? >> well, i think rand paul messages effective not only for the markets, but for the economy and the country at large because he is making a connection between economic liberty and prosperity. he understands that does look to the 20th-ctury. always the most prosperous countries are always the most free. and the message of essentially constitutionality, individual rights, that is tremendously bullish for the market. bullish for the economy. hitting t nail on the head. the fact that everything investors are seeing that we had a sequestered. this guy did not fall. there is still more work to be done in terms of cutting the size of governmen
to share with you some views of the economy from our 54 respo respondents. firming housing prices are a game changer. there is something much more self-feeding about recovery this year. could be a turning point. the objepposite from john rober. we believe a recession/economic slowdown is a possibility in the latter half of 2014 or early in 2015. some of the excesses that could cause a recession are beginning to build in the economy. another piece of data, the biggest problems facing our economy, taxes/regulation, 29%. i would say that's a victory given that europe is not in there for fear of recession is not in there. too much deficit reduction, 16%. slow job growth, 12%. too little deficit reduction, 10%. guys, these are more normal problems, i would say, than we've had in the past. the european financial crisis, u.s. financial crisis. sue, i would take a victory, yes, there are problems out there. >> i totally agree with you. it's the first time in a long time we haven't seen europe on a list like that. >> thank you, steve. >> absolutely. thanks, steve. >> sure. >> the markets h
. that's why housing's come back. that's why the stock market's come back. that's why the economy's come back. if we see some sort of bump in the road with respect to employment, i think that could really surprise people. now, from an historical perspective, the job gains that we're seeing relative to history are very slow. that's why we like to talk about the construct of the u.s. market in a bit of nursery rhyme-type situation where it's the little engine that could. we continue to kind of climb higher and trudge higher, slow job growth, slow gdp growth, slow earnings growth and low interest rates is a great, great time to be invested in equities. bear in mind, investing is not a binary event. you have to own fixed income, commodities, real estate and own some equities. it's not an either/or type of event. but overall from a longer-term perspective, we still believe that people are you understand exposed equities because of the ills of the last 20 years. >> john, i really want to ask brian, he said 1425 close on the s&p. it close the at 1426. i don't know how he got it so wrong there.
, think of the deficit as a stimulus to the economy. neil: a stimulus to the economy. he has always been that way. it pays to focus on what bill gates and doing now, he is on a spending mission, he leaves little doubt about what he thinks of republican mission and their drive to cool it on the spending without thinking about results, his biggest fear, congress cutting foreign aid. the man said that foreign raid does a lot of good for the planet. to gauge the more good than bad without a doubt, that is why the guy, he was in washington today pushing hard. urging freshmen lawmakers not to give up the fight or spending on those 2 need the help -- who need the help the most, tonight. decide whether a man can or should stop congress from closing some spending doors, perhaps of all of the interviews i've done with bill gates over the years from earliest days at microsoft or before he became the power house to keeping his juggernaut going once it was a power house to going full time in charity business, this day is for me the most meaningful and consequential, not because of anything i asked of
and the new fed forecast for the economy. and the stocks we're focused on this morning, blackberry getting an upgrade at morgan stanley and a note titled why it won't go down and it gets into the best buy bull camp, and calling it the best near-term idea in the sector. let's get straight to fedex. the package delivery company says it earned $1.23 a share in the fiscal third quarter and below wall street forecasts. fedex says the customers were choosing slower transit services. this does happen, of course, after a massive run in the transports. >> one of the things that amazes me about fedex is they keep missing and they get loved a few days later. missed and gets loved. it's still regarded as being a profit machine. they have this restructuring that people like very much. people feel it's only a matter of time before someone steps up to the more expensive freight. to me, my charitable trust owns ups. ups has the expectations lower. scott davis always says negative things. >> melissa hit the nail on the head. the stock had a big run and the two guys were going head to head over what was in
chosen a woman to be head of the national bank. she served as economy minister from 2008 to 2009 and the first female central banker for a g-8 country. she'll take over from an inflation fighter. it should happen in june. the appointment raised questions about the central bank's independence and concerns kremlin will push for looser policy. we want to know what you think of the measure. is it a significant one for females, for the g-8 or for russia's monetary policy. send us your thoughts here. if you are just joining us, these are your headlines. italy prepares to test bond markets with its first long-term auction since a rating downgrade from fitch. spanish retail giant sees shares dip despite reporting solid profits and senate democrats tee up to reveal their own budget plan. straight ahead on the program, can the dow close at a high for a record ninth day? we'll preview the u.s. trading session when we come back. stay here. today is gonna be an important day for us. you ready? we wanna be our brother's keeper. what's number two we wanna do? bring it up to 90 decatherms. how b
's an means to the end. we want to revival upper mobility and growth in this economy. >> senate democrats are going to release their own spending plan after calling the republican proposal unacceptable. it will call for about $1 trillion in new revenues by closing tax loopholes and about 1 trillion in spending cuts at the same time but no structural changes to medicare and the question is will that get -- do either of these plans get anybody anywhere or is everyone talking to themselves? >> they're talking to themselves. we discussed it yesterday. in the last negotiations you still have the fact there are republicans who think that the republicans gave too much and then there are democrats who think that the democrats didn't get enough. so you have those clashing interests. >> i think what happened in january kind of derailed everything because by having these incremental advances instead of a grand bargain throws off the possibility that you do get the grand bargain. you see both sides digging in making sure they respond to their base saying the types of things that their base wants to h
insolvent. the banks in cyprus are huge, eight times the size of the economy. consider that here in the united states. our banking system is roughly one-time the size of our economy. what we're waiting to see next are they going to get this through parliament and get it done? it is so controversial they're trying to find out different ways to make it less controversial. impose the tax on larger shareholders to a much greater degree. it was originally 9.9% and you go to 12%. if you didn't want to tax the small guys at all you'd have to go to 15% or 16%. this is the scene when the president walked into the palace headquarters. there were people there with no written on their hand and this says merkel stole our money. keep in mind, european union will still give them 10 billion euros and they were trying to come up to reduce the original size from 17 billion euros. the other thing to keep in mind, by taxing depositors they're taxing a lot of foreigners and a lot of russians who had kept their money. the thing is will the rest of europe, will small depositors across the rest of europ
home building numbers today too. >> that too. we're in a niche market. the u.s. has had their economy outperform other economies and i think it's a flight to safety relative to the u.s. markets on one hand and it's an unwind from the bond market and risk exposure going forward to rate changes on the other hand. so it's both a flight to safety as well as, you know, what's really going on domestically and people are looking at a twist now with the fed and what their posture will be heading forward. >> i'll be back, adobe earnings at the top of the hour. >> take care, maria. >> what do you think? we're finishing positive here. this market doesn't want to go up? you think some of that's short covering? >> i think that's what we're see right now. finishing up the day. right now people will have to play it cautiously. we haven't seen the end of the cyprus thing. we have some negotiating going on from russia. the impact of that, as you mentioned, is a little minor relative to the size and scope of them, but it's whether or not that moves into italy, spain, as we've all been talking about. >>
reserves lately. they did lower their inflation rate, express concern about the economy. i was surprised that the market is buying euro/swiss on this. we feel that euro/swiss is going to head out, that they are very concerned. the actual statement didn't break any new grounds, but i guess the vigor with which they reiterated their desire to defend the floor influenced some people in the market. >> don't they just love a central bank to come -- i know the message has been here. in some points, the swiss bank is benefiting more from the fact that people seem more willing to take a risk with the euro as opposed to chooting to fight it on the floor at this point. >> i think so. it's interesting with respect to the italian election that even though this considerable uncertainty doesn't seem to be showing up in terms of the sorts of tail risk factors that were taking the euro down last year. so i think that the snb is benefiting from that. they do have a lot of credibility and they indicate that they will use opportunities to push euro/swiss up. and i think that the market is mindful of that,
and the mainstream media? well, the tide has finally turned on the economy. case in point. the l.a. sometimes says the u.s. economy improving better than expected, on track for stronger growth than predicted. upward revisions for gdp by major banks, but on varney, we like to sort of bring you back to reality. is this all really cracked up to what it's supposed to be cracked up to be? we know unemployment is high. there's budget gridlock in washington and higher taxes on the horizon and exploding government debt. we'll have the angles, good and bad because on "varney & company" we keep it real and we're about to begin. ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-cond stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all onhinkorswim from td ameritrade. ♪ from td ameritrade. all stations come over to mithis is for real this time. step seven point two one two. rify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative softwa
that i actually like the economy here and have liked it ever since the fiscal cliff was resolved. sure we got some hiccups. mastercard saying they have degradation. we recognize that china has got its head handed to it of late and the united kingdom is now joining italy, france, greece, spain, and taking another step down. geez, it's ugly out there. >> the house of pain! >> i can scream every time someone asks about when the fed is going to take the punch bowl away. i wish that analogy had never been coined. but i have to now doubt -- i've got to doubt, there's no doubt, there's no doubt that there will be a tough moment for this market when ben bernanke changes his stance, even if the economy is humming. i just don't know what level that top will come from. maybe it comes from dow, i don't know, like 16,000, or what the rest of the employment picture will look like. because we do know the federal government is pulling back from job creation fast and furious. oh, by the way, i don't like that north korea just undid the hard fought armistice with south korea or that the new leader wants to
of the economy that are not that strong and i don't know what the sequester will bring in the month of april. >> look, the data say things are better, and i think the fed will be under a lot of pressure because interest rates are headed higher. >> at some point the fed will have to acknowledge that -- and they have -- to your point, they changed the language a little bit. it's a moderate recovery and it's a strengthening recovery. words like that. >> right. >> at some point they're going to have to acknowledge what we all seem to know which is -- they're not great, but things are getting better. now will inflation pick up and that, of course, is the fed's number one mandate. will inflation pick up until we see jobs pick up because wage inflation comes with excess demand from workers. i don't know. that's the big trillion dollar question mark. >> commodity inflation whether it be corn or copper and the strong dollar will contain inflation that's going up a great deal. housing is stabilizing and not really in the numbers. i want to take issue with some of what you said. i think we all think th
to ground in congress on handling the economy. we're in the middle of another budget mess and this time the president is not winning the battle handsdown. today we get the democrats trillion dollar tax hike plan and wait for it, stocks will be up again. okay retail sales, yes, stocks up again. here we go. "varney & company" is about to begin. how do traders using technical analysis streamline their process? at fidelity, we do it by merging two tools into one. combining your customized charts with leading-edge analysis tools from recognia so you can quickly spot key trends and possible entry and exit points. weike this idea so much that we've applied for a patent. i'm colin beck of fidelity investments. our integrated technical analysis is one more innovative reason serious investors are choosing fidelity. now get 200 free trades whenou open an account. neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from th
at this 14,500, in that range, the economy is in better shape arguably and back then. why can't we be happy about this? >> well, we should be. our report showed this. the levels we are looking at right now, economic indicators, valuations, monetary sentiment, etc., really the only thing that looks out of mind is how far the index it is from the 50 and 200 day moving averages. dennis: where, generally, speaking in stocks, would you put money now and is it basically a bet that we keep moving higher or a bat to protect yourself from moving lower? >> leaning towards we just celebrated our fourth birthday and five of the six bull markets since world war ii that did so went on to celebrate their fifth birthday. number four was on march 9, number five will be a year from now. it is the cyclical factors that tend to lead the way. dennis: that what all kind of messed together. thank you so much for being with us. sam stovall. >> my pleasure. melissa: just a month after carnival cruise ship was stranded at the. another one is stranded. carnivals dream was wrapping up its trip when the emergency diese
in a big way, whether it is a game changer and what that means for the market and the economy and everything else. i know we'll be talking about it it at noon. >> we're going to get our last word. they can talk about it for just one second and not that long because we've only got a minute and we'll talk to henry blodget and curtis artledge. you asked a question about jc penn penney. maybe they can raise more cash, but they're running out of cash at this point. they don't have that much left. >> you have a final thought on either jc penney or more importantly, the markets? >> i think today's entire discussion has been about the early stages of confidence building and we get past these two gigantic minefields of fiscal cliff and sequester. we start to see m & a pickup and retail sales and they're willing to spend money because they're more scared about their job. we see capital expenditures and people starting to plan for them and sentiment, actually, when we talk about it i don't think there's that much complacency. people are still nervous. >> scott, it was great having you he
this uptrend later today. > what is the stock market telling us about the economy? yesterday we had better-than- expected news coming from the labor market. jobs are being added. is that giving a boost to the market? > > you know, all signs point to that we are just in this low- volatility grind upward. i don't think the professional community - traders on the floor, brokers - really think that the economy is on solid footing yet. but, boy, if it does, if we do see a turnaround and gdp does start to pick up, who knows what then? > aren't you one of those traders who is seeing a rotation out of apple and into google? > > yeah. you know what, it is very interesting, because for about the last two weeks or so now, we have seen apple really hold major support at $425 - $420, $425. major support. and now maybe google is a little bit tired. so, where the people that had the flip side of that just two or three months ago, out of apple, into google, you are starting to see that rotation come to play now. > pleasure to have you on the show. thank you scott. > > take care angie. a former jp morgan e
is a big concern. china is a big concern. they said china's economy is showing symptoms that sparked the crisis in 2008, the warning and saying they risk financial crisis. obviously, concerns about china. i'm going to stick to the cypress theme and put it together. the vix, fear index popped. you see the 1275 right now, up 17%. at one point, up 13%. right now, let's look at the financials because they certainly reacted. in some cases, dramatically, and the idea of them taxing deposits there. citigroup down 2% and banks abroad hit harder. back to you. >> a full and complete report, thank you, nicole. >> for the bailout proposal, is the tax on bank deposits, and that is sparking outrage and fear that there's going to be a run on the banks there. david, chairman and chief investment officer of dumb beer land as visiers of -- cumberland, and why do you think it's a big deal, david? >> caller: well, the finance ministers, the decision has been announced. the cat is out of the bag. once you open the door to taxing a deposit when you have a liquidity crisis, you can never close the door aga
, eventually as the economy recovers, slowly recovers, that's going to go up. don't forget natural gas. it's becoming a very r v real threat. >> i don't have a lot of time to make good op a bet, but i'll win this bet. phil, what could get in the win of your predictions? >> well, basically, the government's getting involved in fracking and going away from it, but, you know, i don't think the governments can get away from this. we have seen this in history before, neil. we go from cycles. remember the first time we had peak oil, a few years ago, running out of oil; right? we talked about whale oil. the market builds a better mouse trap, and right now, we are at the most significant juncture in u.s. energy. we're going to change the energy mix as we know it going forward. how you thought about energy five years ago totally changed. neil: i don't know. you have your own white puff of smoke you had today, i want to thank you, and speaking of the other big story of the day, white smoke means, as you know by now, we have a new pope, in fact, we have the first latin american pope putting a stamp o
. he has an economic ph.d. as he inherits a slower growing economy, he'll face pressure to tackle china's widening wealth gap. eunice yoon joins us now with more. there were 2940 yes votes, six who abstained and three who voted no. >> yeah. an overwhelming majority of the people decided to vote him in. but at the same time, most people had expected that he would have the support of the vast majority of the people. he is really seen as a capable steward of the economy, which is really important because the premier shift is the most important job of the premier is really to manage the economy. he's been credited with helping to really navigate china through a very difficult time through the financial crisis. and also to push through much needed reforms. a lot of people think that he is going to go down with his well with his counterparts overseas. he speaks good english. he's been described as being very informed. but he does have his critics. there are people here who have said that he's too passive, he's indecisive and he hasn't been total lly forgiven for a role h played regarding heal
understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> welcome back to squawk this morning. the dow has reached a ninth straight up session. is the market due for a correction? we've been talking about that for a long time. let's start that discussion. we have a couple of people joining us. gene peroni, senior vice president and portfolio manager at advisers asset management. we have joe kinehan. and on set, david pearson, senior vice president and chief economist at nationwide insurance. do we think a correction is coming? >> you know, there are corrections all the time. as long as the fed keeps monetary policy with pedal to the metal expansion and the economy is growing, then the trend in the stock market should be up. >> i'm going to go to santoli. do you think a correction is coming? >> i thought the ingredients we
production and find out how much capacity to utilize in march. speaking of the markets and the economy, our own steve liesman caught up with new treasury secretary jack lew yet. among the topics discussed, whether there is a reason to worry about a bubble right now. >> the analysis i've seen doesn't give me reason to be worried right now. i think one of the lessons we learned from 2008, 2009 is that even when things are not a problem, we always have to ask those questions. we need to make sure that our -- we have the transparency to see what's going on in firms, in markets. we need to have the regulatory tools to deal with problems as they develop. >> and we're going to talk more about the markets and questions about a potential bubble later on this morning. we've got a great guest lineup today, guys. named money manager bill miller of legg mason and former fed chairman alan greenspan. we're going to find out if he sees any similarities between today's environment and the situation back in 1996. the last time we had this kind of run when he gave his now famous irrational exuberance speech.
the economy is on the mend. initial claims dropped 10,000 lower number than a 350 new filings many were predict brg that came out. scientists strength in the job market could intensify a debate at the fed. uncertain over the economy may be why working moms are looking for full time jobs. a spike in jobs seeking a full time over part time employment. the study found that shift has less to do with career am bigs than current realities. roughly half of the working mothers interviewed said fit hadn't been for the income they'd rather be home with children. >> about one in three american drivers uses his or her cell phone while behind the wheel. is that you? or me, perhaps? >> that is a rate higher than that compared to european drivers sowing shah that 69% of americans talked on mobile phones while driving. 31% read or send text messages. portugal came closest to the united states in talking and texting behind the wheel. >> is it's a big day saturday on the bay meadows race track. that is when the first homes go on sale. today, developers presented the mark next to the urban village will ha
continue to be the leader in the world economy. we need the pope, get that done. italy needs to get a pope and get their economy back on track. costco good, target good, wal-mart good, j.c. penney, not so good. >> the important is if we do not send money the economy falters. >> i feel like at mcmahon, you are correct sir. we do pay attention to that. >> do we have and it's all coming out tomorrow? >> the most lanes/mob ever in the york for people. samsung employees. they're coming out of the phone tomorrow and it has samsung aquiver in. it is one-fifth of th10 years ago they we need t new products. >> the intent was sounds of all is the son was steeper than the five phones do you think that will help apple out if they have in the less-expensive iphone? >> yes i do. we go is a good success partner. sam's and has a good partner. did i were to marry samsung or apple i would do well. as long as i don't marry nokia. they aren't bad, motorola is dead. samsung and apple are the two players. it is not a pie they make, and is not a pie they get. i is good. they are the two best pipe makers if you g
, we like to see that because it means the economy is doing better. of course, we talk how the federal reserve is playing a role in the rallywell. standing behind the economy and keeping the interest rates low and making sure that we can keep this economy bubbling along. so, every day we're watching this and every day it's going higher, harris. >> so you're sitting at home and not a big time investor. watching your retirement funds, is now a good time to put money in stocks. >> the people we're talking to saying he we could have a retrenchment, 2, 5, maybe more on the big board, the dow stocks and that's an opportunity for people to get back in if we have a pullback, that's what i would wait for. if you've got a long time horizon, be in stocks, you want to make sure you're going to fund your retirement with investments that last over a lifetime, not over 20 minutes or two seconds, like the pros sometimes do, harris. >> gerri willis, thank you very much. libyan authorities reportedly holding a person in custody tonight in connection with the terror attack on the u.s. outpost in benghazi
capital economy will flea to lower tax states. >> we have the right to change the rules op you after the fact, and that's what's nos fair. >> some in sacramento are trying to unwind this. california's not cypress, it's not taking, but to many, it is clearly unfair. >> no, it is. it is so unfair. i mean, changing the rules after the fact is crazy. william thank you for the report. >> you bet. >> well, in the mean time, a huge win if you're one who likes to resell things from ebay to yard sales, and itch ed -- rich edson in washington. rich? >> e bay and overstock.com love the decision. publishers, not so much. the supreme court questioned whether a student could buy cheaper, foreign made and sold textbooks and resell them in the united states for profit. copyrights permits sales only overseas, but the courts said no. once americans buy an item, they buy and resell it of the the other decision could have made it difficult to resell foreign items in the u.s.. libraries say the decision is a landmark win for consumers, small businesses, online marketplaces, retailers, and libraries natio
. find out how this publicly-traded company grows even in the face of a weak economy. david: let's look what drove the markets today with today's data download. stocks pulling back with all three major indices closing lower. the dow snapped its longest winning streak since 1996 falling in into the red after ten straight days of gains. dow, s&p, nasdaq all ending higher for the week. utilities and financials were the week's top performing sectors, while telecom, consumer staples lagged a bit. consumer prices rising at its fastest pace in nearly four years in february, jumping .7%. the jump was fueled by a 9% surge in gasoline prices. so it was limited primarily in that one area. a 5.4% climb in energy prices overall. >>> preliminary reading showed consumer sentiment tumbled in early march to the lowest level in a year as americans face uncertainty over federal spending cuts. the index dropped to 71.8 level this month, far below february's reading of 77.6. economists forecasts of 78, sandra. sandra: we've got mark sebastian in the pits of the cme group in chicago. our market panel. john b
'll have a long-lasting impact on our economy. we've been dealing with a lousy europe for a long time. but you'll have this pullback at 5 percent which is about 1484 and 7% at 53, i might consider getting back in, but i'm not doing it until then. cheryl: looks like europe doesn't have a plan, obvious. let's go to the nymex, jeffrey grossman. jeff, let's talk about the oil contract. one of things we saw today again was the safety of the u.s. dollar. you had traders around the world jumping into the dollar. your take. >> today was really a dream come true in many respects. we walked in this morning, the dollar was very strong, took our market down right to the support level. 91.75 and spot crude was a major support level on the way down. the minute the dollar weakened, came off those highs a little bit, market rallied right pack to where the resistance levels are which is in the high 93.85 to $94 level. it's behaving like a normal market really with a little input that came in from the european information here, but the truth of the matter is this is a market that still, again, is a sal
. if the economy hobbles along and don't get me wrong, the markets are roaring, we've had a few days where it has slowed just a bit. but the average american, the pedestrian middle class family how well are they doing? how confident are they? and if the economy slows for them, the prospects for immigration reform, i don't believe are nearly as high, if you don't get what mark has been saying now for over two weeks. the sequencing done right on this cut spending cuts and tax reform. things sound great and they're moving along now. but joe, as we talked about earlier, you're going to have reticent democrats. and even key congressional races who are going to slow down a bit and saying, look, i want immigration and guns dealt with, what are we doing about the economy and the budget, the debt, and tax reform? >> and this is, richard haas, you can only push people so far, i mean, not the republicans' best friend. this weekend said democrats you're about to lose me. i pay 40% federal, 15%. well, i hear we have it cued up. let's go. this is bill maher this weekend. >> -- actually do pay the freight in th
it revived the economy, that is the kantian idea. he is an economist and he is well known in the circle, he and his colleagues spending the last 10 years looking at 17 countries and what they have done with the budget over 30 years, they simply wanted to find out what works and their analysis concludes what works is spending cuts. your economy will revive overtime. it is usually flat or even causes a worse recession. the poster boy, believe it or not, is canada which enacted deep cuts in the 1990s. japan had done this infrastructure spending for years and has gone nowhere. dagen: we might already be there, unfortunately. the dow hitting another record high for the next day straight logging its longest consecutive winning streak since late 1996. with that in mind, bob beckel had this to say about the spending debate and the spending cuts last night on the "o'reilly factor." >> a simple question, when you woke up this morning what was it about the federal budget deficit that hurt you in any single way? dagen: i was curious, that struck me. also joining, his colleague, wells fargo chief portfo
since 1996 and big banks are upping outlook on the economy and we're going to bring you the real headline after the break. the opening bell is next. friday night, buddy. you are gonna need a wingman. and my cash back keeps the party going. but my airline miles take it worldwide. [ male announcer ] it shouldn't be this hard. with creditcards.com, it's easy to search hundreds of cards and apply online. creditcards.com. with fidelity's new options platform, we've completely integrated every step of the process, making it easier to try filters and strategies... to get a list of equity option.. evaluate them with our p&l calculator... and execute faster with our more intuitive trade ticket. i'm greg stevens and i helped create fidelity's options platform. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. >> all right. so we're a little less than 50 seconds away from the opening bell. nine straight days of rallies and i've got to tell you, e-mac, the most hated, most stealthy rally in the history of the stock mar
of this economy and i think we'll be pleasantly surprised when we get this housing starts number. of course, the fed bull from hell crowd will ratchet up their bets. that lightning will strike on wednesday if they see a strong number. and i think they will be, unfortunately, unpleasantly surprised when they see it because nobody in that crowd wants to see any good. i actually like things that are good. old fashioned. housing's so strong that it's lifting all boats including brunswick by the way and the housewares. so let's listen to william sonoma conference call on their earnings on tuesday to be sure the carryover's intact. now, i'm thinking this may be long in our ever expanding great index or maybe it's the greater gatsby index. i once bought a pot for like $200. it was a big, round cast iron, red thing and then i saw it at the jersey shore outlet for almost half the price. and i am still kicking myself. eighth anniversary, nothing's changed. now, we use a ton of gauges to measure things like retail sales and employment around here that are bottoms up, meaning we look at what individual
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